Published on 1/15/2020 in the Prospect News Emerging Markets Daily.
New Issue: Seazen’s New Metro unit sells $350 million 6.8% guaranteed notes due 2023 at 98.933
By Wendy Van Sickle
Columbus, Ohio, Jan. 15 – Seazen Holdings Co., Ltd.’s indirect wholly owned subsidiary, New Metro Global Ltd., issued $350 million of 6.8% guaranteed senior notes due 2023 at 98.933 on Wednesday, according to a notice.
The notes (BB-/BB) are guaranteed by Seazen.
Haitong International Securities Co. Ltd., China Citic Bank International Ltd., CMB International Capital Ltd., Central Wealth Securities Investment Ltd., Seazen Resources Securities Ltd. and Orient Securities (Hong Kong) Ltd. are the bookrunners.
Proceeds will be used to repay existing debt.
Seazen is a Shanghai-based real estate developer.
Issuer: | New Metro Global Ltd.
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Guarantor: | Seazen Holdings Co., Ltd.
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Issue: | Senior notes
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Amount: | $350 million
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Maturity: | Aug. 5, 2023
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Bookrunners: | Haitong International Securities Co. Ltd., China Citic Bank International Ltd., CMB International Capital Ltd., Central Wealth Securities Investment Ltd., Seazen Resources Securities Ltd. and Orient Securities (Hong Kong) Ltd.
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Coupon: | 6.8%
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Price: | 98.933
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Call: | Make-whole call until Feb. 5, 2022, then callable at 103
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Settlement date: | Jan. 15
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Ratings: | S&P: BB-
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| Fitch: BB
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